JD.com Plunges Amidst Arrest Rumors and Wall Street Pessimism

JD.com's stock slumped to a record low in Hong Kong as several Wall Street brokerages downgraded the stock or lowered price targets, while rumors circulated about the arrest of a businessman with the same surname as the company's chairman. The company's share price has halved since the beginning of the year, reflecting concerns about China's sluggish consumption. Brokerages cited worries about JD.com's revenue growth amid a weaker macro environment in China, as well as competition from PDD Holdings Inc. and a challenging consumer demand for big-ticket items.